Daily Digest Market Movers: New Zealand Dollar gains ground amid Fed rate cuts hope
- New Zealand’s Business NZ Performance of Services Index (PSI) improved to 44.6 in July from the previous reading of 40.7, according to Business NZ on Monday.
- RBNZ Governor Adrian Orr said on Friday that the committee has achieved a very strong level of confidence that low and stable inflation is back within the 1-3% range.
- The preliminary University of Michigan Consumer Sentiment Index improved to 67.8 in August from the previous reading of 66.4, above the market consensus of 66.9. This figure rose for the first time in five months.
- The US Housing Starts declined by 6.8% in July to 1.238 million units, compared to the 1.1% increase in June, while the Building Permits decreased by 4.0% in July after rising 3.9% in June.
- Federal Reserve Bank of Chicago President Austan Goolsbee said on Sunday that the US economy does not show signs of overheating, so Fed policymakers should be cautious about keeping restrictive policy in place longer than necessary.
- San Francisco Fed President Mary Daly said that the US central bank needs to take a gradual approach to lowering borrowing costs, per Financial Times
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